Instil Bio, Inc. (TIL)

Instil Bio, Inc. (TIL) — VMCI valuation read

Headline read on TIL: VMCI of 35/100 versus a Healthcare sector median of 50. The 15-point below-median position is what makes Instil Bio, Inc. a relative-value laggard in the mid-cap cohort, before any pillar-level review.

Form 4 filings on TIL: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.

**Investor frame.** Three reads on TIL: value (TIL trades at 27.0x earnings, 50% above the Healthcare median of 18.0x), quality (ROIC of 19.0% sits 9.0pp above the Healthcare median (10.0%)), and risk (net debt to EBITDA of -0.8x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Healthcare 12.0x baseline.

TIL fell 2.7% over the trailing 7 days, with a -12.2% read on a 30-day basis.